October Jobs Report: 150K jobs added, Life Sciences contributes +17k
In the October Jobs Report from the Bureau of Labor Statistics, 150k jobs were added, matching analyst expectations (180k job additions predicted). The unemployment rate edged slightly upward to 3.9%. This increase is nearly in line with what was seen pre-pandemic: From 2010 to 2019, the nation added an average of 183,000 jobs per month. The resiliency of the labor market has helped to keep consumer spending strong and the economy churning, but Federal Reserve officials are hoping for more of a slowdown in order to help rein in inflation.
While this is a sign of cooling demand for labor, many industries, including life sciences, still saw growth last month and we are predicting continued demand for professionals with specialty skill sets. Professional, scientific and technical services, the sub sector that holds life sciences, reported 17k jobs added and saw a dip in its unemployment rate. Here's a look at key life sciences jobs report insights.
Key Life Sciences Jobs Report Insights
Total Jobs Added: +150k
Life Sciences Jobs Added: +17k in Professional, Technical and Scientific Sciences
Life Sciences Unemployment Rate: 2.5% which is down from September
YOY Gains: +287k jobs which averages +23.9k jobs per month
6 Life Sciences Jobs That Don’t Require Industry Experience
The life science sector is a multifaceted field with numerous components. Biospace released a list of six life sciences jobs that do not require prior experience in the industry.
- Sales Representative
- Regulatory Affairs Specialist
- Technical Writer
- Marketing Manager
- Computer Software Engineer
- Investment Banker
Spanning research and development to marketing and sales, it presents a wide array of career prospects for individuals interested in science. What often goes unnoticed is the fact that a career in the life sciences doesn't necessitate a medical or industry-specific background. Surprisingly, many roles within this industry do not require a medical, research, or science-related undergraduate degree.
Explosive Growth In Life Sciences
Massachusetts, despite facing layoffs and economic uncertainties, experienced significant workforce growth within the life sciences sector, outpacing the majority of other states in the past year, as indicated by MassBio's 2023 Industry Snapshot. Remarkably, life sciences clusters across the nation have managed to thrive, even amidst a backdrop of reduced venture capital funding and challenges such as interest rate increases and workforce reductions.
Highlights from the MassBio 2023 Industry Snapshot:
- Biopharma R&D workforce experienced year-over-year employment growth of 8.5%, while biomanufacturing grew by 6.3%, for a total growth rate of 6.9%
- In the first half of 2023, Massachusetts-based companies received $3.73 billion in VC funding
- Massachusetts headquartered companies received 32% of all VC dollars invested in the industry
- Construction was completed on 6 million square feet of life sciences-specific space across Massachusetts in 2022
“MassBio’s 2023 Snapshot outlines what we have long known to be true – Massachusetts is the global epicenter of the life sciences industry. We are the home of life-changing innovation because we have recognized the unique opportunity to harness the incredible talents and resources that we have here, and back them with real investments,” said Governor Maura Healey.
Read more: Digital Jobs Gaps in Life Sciences
Investments In Life Sciences Industry
Southeastern Pennsylvania is now designated as a Regional Technology and Innovation Hub for the life sciences sector. It represents a substantial leap forward in the realm of precision medicine, capitalizing on Greater Philadelphia's robust life sciences infrastructure.
“I fought for Greater Philadelphia’s tech hub designation because there is no better place suited to lead the critical precision medicine field,” said U.S. Senator Bob Casey (D-PA). “This transformative investment will further cement Southeastern Pennsylvania as a national and global leader in medical innovation. As a tech hub and a hydrogen hub, Philadelphia and the region are paving the way to our Nation’s economic future.”
This milestone was made possible through the enactment of the CHIPS and Science Act, which established the Tech Hubs program, aimed at spurring technological sector growth and the creation of high-paying jobs in cities and communities nationwide. This designation opens the door to potential federal funding in the years ahead.
Indiana's life sciences community is celebrating its recent designation as a federal technology hub, recognizing this achievement as a significant opportunity to secure substantial funding and enhance the state's standing as a biotech innovator. This pivotal development positions Indiana to be a strong contender for millions of dollars in federal investment while bolstering its reputation as a hub for biotechnological innovation.
Read more: Demand For Skilled Life Sciences Workers
Connect With Top Talent
As the industry continues to show major growth, Real Staffing is ready to help connect the best life sciences talent with the top companies in the U.S. Our consultants are up to date on the latest market trends, allowing us to offer truly in-depth knowledge regarding the unique challenges and requirements facing your business or your career. " target="_blank">Contact a Real consultant today to get started.